CREATING A FUND
Heritage Fund offers a wide range of fund types to accommodate a donor’s particular interest, charitable wish and level of charitable involvement. A fund can be created in a donor’s name, the name of a loved one, someone they wish to memorialize or in the name of a cause. Donors may also add gifts to any existing fund. Listed below are classifications of funds:
Unrestricted Endowment Funds: These commingled funds provide flexibility to respond to broad needs in the community. Income from the funds is granted to non-profit organizations for quality of life issues. Gifts of $5000 or more create a named fund.
Designated Funds: Donors designate specific not-for-profit organizations to receive grants. Gifts of $15,000 create a named fund. Examples: Family School Partners Fund; Women Helping Women Fund.
Donor Advised Funds: Donors recommend not-for-profit organizations to receive grants. Gifts of $15,000 create a named fund. Up to 5% distribution from fund each year; principal protected for perpetuity. Examples: Conover Stroud Family Fund; Coca-Cola Bottling of Columbus Endowment Fund.
Field of Interest Funds: Donors select charitable interest areas to receive grants. Gifts of $15,000 create a named fund. Up to 5% distribution from fund each year; principal protected for perpetuity. Examples: Friends of the Children Fund; Hawcreek-Flat Rock Area Endowment Fund.
Scholarship Funds: Donor gifts provide scholarships with specific criteria. Gifts of $15,000 create a named fund. Examples: Behrman “Big Dog” Award Fund; Analytical Engineering, Inc. Scholarship Fund.
Agency Designated Funds: Funds established by an organization or donor for the benefit of an organization. Gifts of $15,000 create a named fund. Examples: United Way of Bartholomew County Fund; kidscommons Children's Museum Fund.
Non-Endowed/Custodial/Pass-Through Funds: Funds established by donors to direct pass-through giving to other organizations. No limit on amount distributed from fund each year. Examples: Columbus Park Foundation Fund; Columbus Area Arts Council Fund.
Acorn Funds: Gifts of $2000 create a named fund; balance to reach $15,000 within three (3) years.
Capital Funds: Grants are made from these funds for major capital projects. Example: Building Our Community Fund.
Project Funds: Funds established through Heritage Fund to assist with community projects. Example: Crump Theatre Fund.
Heritage fund currently manages 412 funds, and in 2011 awarded over $3.9 million in grants and scholarships for a total of $53 million since 1983. Listing of Funds by Purpose shows the wide and varied community interests and needs supported through Heritage Fund gifts and endowments. Scholarships are classified by criteria and also reflect a wide range of educational pursuits.